Crowdfunding: The Ultimate Test
Over the next few months we will be investigating Crowdfunding. The Small Business Forum believes that if we want to advise you, our members, on the best processes, training tools etc. we must put ourselves through each one and put it to the test.
As a business owner I have, at times, been told my business is ‘unfundable’. I have heard all of these reasons and more:
- Your leadership skills are lacking and your team falls short
- Your business is not scalable enough
- Your financial projections are uninteresting
- Your target market is too small
- You seem clueless about how to get customers
- You haven’t convinced me of the need for your product or service
- Failure to understand ‘lean’
And the list goes on… Some of the reasons were valid at the time but ultimately it came down to not being able to provide a good enough return for investors to make us a viable funding opportunity.
Since then I have started a new business which presents a much more appealing growth and investment opportunity. We are also redeveloping our humble Small Business Forum into a company that can be a funding organisation for our members in the future.
We will be using two of our businesses – 8th Avenue and the Small Business Forum – as test pilots for this programme and would like to invite eight other Small Business Forum members to go through this journey with us.
We have gathered a team of advisors to help us through this process, and we will be following the online advice of each of the different platforms we utilise. Refract Marketing will be helping us with all the visuals and creative that we will need throughout.
The Ultimate Goal – Get our Guinea Pigs Funding Ready
We will be testing the top 10 crowdfunding platforms as rated by Google. We are looking for diverse types of businesses to come on our journey as there are several different crowdfunding platforms. Some offer investment for equity, others for philanthropic causes, and some are suited towards cool ideas.
Participation does not mean that we will secure you funding – rather it is an opportunity to work through a programme of getting ready for funding, as well as learning some new skills and possibly refining your business goals in the process. Ultimately, we shall be helping our fellow members better understand the world of funding and what people and investors want to invest in.
Want to be a Test Pilot? We are calling for entries so please let us know.
As the owner of a small business herself, Jain is passionate about small business and helping other SME’s succeed. She started the Small Business Forum to network and join forces with other SME’s and entrepreneurs in order to share knowledge, support and grow businesses together.